Financial & Professional Services

As the UK's largest centre for business and financial services (BF&S) outside London, England's Northwest boasts a dynamic range of financial, legal, property and consultancy firms.

The B&FS sector in Manchester alone employs over 240,000 people across a wide range of activities, including insurance, retail finance, wealth management, corporate finance, banking, law and accountancy. Together these activities generate annual wealth of over £9 billion, 11.5 per cent of the region's total GVA (Gross Value Added).

The Manchester city-region accounts for seven per cent of all financial services output in the UK and 10 per cent of all employment, while in the Northwest as a whole, business and financial services employs 11 per cent of the workforce. A further 46,500 new jobs are predicted for the sector by 2008, boosting GVA to £13.8 billion.

Our B&FS firms have developed expertise in several fast-growing areas, including AIM listings, venture capital investment, public-private partnerships, private wealth management and sports, maritime and environmental law. In 2005, Manchester firms were involved in 48% of all AIM flotations and the Northwest's professional advisors acted on the highest number of management buy-outs in the UK, with a deal value of £12.8 billion.

Over 60 banks have operations in Manchester, 40 of which are overseas-owned, ensuring it thrives as the largest regional corporate finance and stock-broking centre in England. Bank of New York is a recent investor, opening a major operations centre in 2005, while JP Morgan is just one of several high profile names in Liverpool.

Other key employers include Cooperative Financial Services, Royal Bank of Scotland, MBNA, Barclays, M&S Money and - two recent new investors - Bank of America and the State Bank of India.